Global law firm Ashurst has advised Akaysha Energy and BlackRock's Climate Infrastructure franchise on the development, construction, commissioning, operation, maintenance and project financing of the 155MW / 298MWh Ulinda Park Battery Energy Storage System (BESS) in Hopeland, Queensland and the 205 MW / 410 MWh Brendale BESS in Brendale, Queensland. This financing represents the first portfolio financing of battery storage projects in Australia.
Ulinda Park BESS will help facilitate the expansion of renewable energy projects leveraging existing transmission infrastructure in the Western Downs region. It will be equipped with battery technology supplied by Powin, with the first phase of construction already underway at Hopeland in Queensland, with commercial operations expected to be achieved in 2025.
Brendale BESS will help Queensland reach its Renewable Energy Targets and ease cost pressures for electricity users in Queensland. The Brendale BESS will utilise Tesla's Megapack technology, and construction is expected to start soon. This will enable Akaysha Energy to trade capacity and provide ancillary services in support of the National Electricity Market (NEM)."
Partner Chris Redden said:
"We wish to congratulate our clients Akaysha Energy and BlackRock for the successful portfolio financing of the Ulinda Park BESS and the Brendale BESS in Queensland, Australia. This is the first portfolio financing of battery energy storage projects in Australia and represents a significant step forward in integrating renewable energy storage solutions in Queensland."
The Ashurst team was led by partners Chris Redden, Dan Brown and Kate Phillips, who were assisted by: partners Bree Miechel, David Jardine and Andrew McCormack, consultant Paul Newman, counsel Douglas Fung, and senior associates Stephen Blair, Mike Webb, Michelle Gaynor, Robert Gough, Tristan Shepherd, Stephanie Centorame and Priscilla Umaria (Projects & Energy Transition); and senior associate Melany Wilson (Projects & Energy Transition, London).
